Federated Hermes Inc. Decreases Holdings in Truist Financial Co. (NYSE:TFC)

Federated Hermes Inc. reduced its holdings in shares of Truist Financial Co. (NYSE:TFC) by 4.8% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 9,431,002 shares of the insurance provider’s stock after selling 474,659 shares during the period. Truist Financial comprises approximately 0.9% of Federated Hermes Inc.’s portfolio, making the stock its 18th biggest holding. Federated Hermes Inc. owned about 0.70% of Truist Financial worth $366,394,000 at the end of the most recent quarter.

A number of other hedge funds also recently bought and sold shares of TFC. Norges Bank purchased a new stake in Truist Financial in the fourth quarter worth $307,787,000. Capital International Investors lifted its position in shares of Truist Financial by 93.7% in the 1st quarter. Capital International Investors now owns 11,643,242 shares of the insurance provider’s stock worth $453,854,000 after purchasing an additional 5,632,493 shares during the period. Parnassus Investments LLC bought a new stake in shares of Truist Financial during the 4th quarter valued at about $95,049,000. Azora Capital LP purchased a new position in shares of Truist Financial during the fourth quarter valued at about $72,498,000. Finally, Jennison Associates LLC raised its stake in Truist Financial by 48.9% in the first quarter. Jennison Associates LLC now owns 3,840,374 shares of the insurance provider’s stock worth $149,698,000 after buying an additional 1,261,598 shares in the last quarter. Hedge funds and other institutional investors own 71.28% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts have weighed in on the company. Baird R W cut Truist Financial from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, July 17th. Citigroup downgraded shares of Truist Financial from a “buy” rating to a “neutral” rating and raised their target price for the company from $45.00 to $47.00 in a research note on Wednesday, July 24th. Wolfe Research raised Truist Financial from an “underperform” rating to a “peer perform” rating in a research report on Friday, August 9th. Bank of America raised their price objective on Truist Financial from $45.00 to $50.00 and gave the company a “buy” rating in a research report on Tuesday, July 23rd. Finally, Robert W. Baird downgraded Truist Financial from an “outperform” rating to a “neutral” rating and set a $45.00 target price on the stock. in a report on Wednesday, July 17th. One analyst has rated the stock with a sell rating, eleven have issued a hold rating and eleven have issued a buy rating to the company’s stock. Based on data from MarketBeat, Truist Financial presently has a consensus rating of “Hold” and an average price target of $45.45.

Insiders Place Their Bets

In related news, VP Cynthia B. Powell sold 6,688 shares of the business’s stock in a transaction that occurred on Thursday, July 25th. The stock was sold at an average price of $44.14, for a total transaction of $295,208.32. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, VP Cynthia B. Powell sold 6,688 shares of Truist Financial stock in a transaction on Thursday, July 25th. The shares were sold at an average price of $44.14, for a total transaction of $295,208.32. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, CEO William H. Rogers, Jr. purchased 57,300 shares of the firm’s stock in a transaction on Tuesday, July 23rd. The shares were acquired at an average cost of $43.96 per share, for a total transaction of $2,518,908.00. Following the completion of the acquisition, the chief executive officer now owns 569,271 shares of the company’s stock, valued at $25,025,153.16. The disclosure for this purchase can be found here. Company insiders own 0.17% of the company’s stock.

Truist Financial Stock Performance

Truist Financial stock opened at $41.63 on Friday. The company has a current ratio of 0.86, a quick ratio of 0.86 and a debt-to-equity ratio of 0.61. The stock has a fifty day moving average of $42.46 and a 200 day moving average of $39.23. Truist Financial Co. has a one year low of $26.57 and a one year high of $45.31.

Truist Financial (NYSE:TFC) last posted its quarterly earnings data on Monday, July 22nd. The insurance provider reported $0.91 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.84 by $0.07. Truist Financial had a negative net margin of 5.63% and a positive return on equity of 9.18%. The company had revenue of $5.02 billion for the quarter, compared to the consensus estimate of $4.83 billion. During the same quarter last year, the firm posted $0.95 earnings per share. The firm’s revenue was down 15.9% compared to the same quarter last year. Analysts forecast that Truist Financial Co. will post 3.55 EPS for the current fiscal year.

Truist Financial Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Tuesday, September 3rd. Shareholders of record on Friday, August 9th were issued a dividend of $0.52 per share. This represents a $2.08 annualized dividend and a yield of 5.00%. The ex-dividend date was Friday, August 9th. Truist Financial’s dividend payout ratio is presently -157.58%.

Truist Financial Profile

Truist Financial Corporation, a financial services company, provides banking and trust services in the Southeastern and Mid-Atlantic United States. The company operates through three segments: Consumer Banking and Wealth, Corporate and Commercial Banking, and Insurance Holdings.Its deposit products include noninterest-bearing checking, interest-bearing checking, savings, and money market deposit accounts, as well as certificates of deposit and individual retirement accounts.